PHILADELPHIA FORECLOSURES DECLINE FOR SECOND CONSECUTIVE MONTH ACCORDING TO REALTYTRAC™ JUNE U.S. FORECLOSURE MARKET REPORT
City of Brotherly Love Retains Second-Highest Foreclosure Rate Among Nation’s Five Largest Metro Areas For Third Consecutive Month Despite 19 Percent Drop in New Foreclosures
Real Estate Connect™ San Francisco, Calif. – July 27, 2005 – New foreclosures in Philadelphia decreased for the second consecutive month, but the city’s foreclosure rate continued to rank second-highest among the nation’s top five metropolitan areas thanks to declines in other cities, according to the RealtyTrac June 2005 Monthly U.S. Foreclosure Market Report™.
RealtyTrac (www.realtytrac.com) publishes the largest national database of pre-foreclosure and foreclosure properties, with more than 550,000 properties in nearly 2,000 counties across the country, and is the exclusive foreclosure data provider to MSN House & Home, Yahoo! Real Estate, AOL Real Estate and HomeGain.com.
Philadelphia documented 136 fewer foreclosures in June than in May, but that wasn’t enough to lower its foreclosure rate below that of Chicago, which documented 639 fewer foreclosures, or that of New York, which documented 246 fewer foreclosures. And despite a 41 percent increase in foreclosures, Los Angeles maintained the lowest foreclosure rate among the five largest cities. Only Dallas-Fort Worth reported a higher foreclosure rate than Philadelphia.
“Philadelphia’s foreclosure rate has dropped significantly for the past two months even though it still ranks second-highest among the nation’s largest cities,” said James J. Saccacio, RealtyTrac chief executive officer. “The foreclosure rate was more than three times the national average in April. Now it’s under two times the national average.”
Philadelphia’s foreclosure rate also inched closer to the state average, with one property entering foreclosure for every 1,161 households. Most surrounding Pennsylvania counties posted even bigger declines in foreclosures. Bucks County reported 89 new foreclosures, a 26 percent drop from May. And Montgomery County reported only 24 new foreclosures, lowering its foreclosure rate to less than one-quarter of the state average.
It was a much different story in Delaware County, which reported 371 new foreclosures in June. The foreclosure rate mushroomed to more than four times the state average, with one foreclosure for every 585 households. The county’s numbers represented an anomaly in Pennsylvania, where foreclosures fell 5 percent.
Foreclosures in Camden County, N.J., jumped 39 percent, raising the foreclosure rate to 2.6 times the national average and 1.7 times the New Jersey state average. The county reported one property entering foreclosure for every 657 households.
The number of properties entering foreclosure nationwide increased to 67,024 in June compared to 62,432 in May. That was the highest number of new foreclosures reported in any one month in 2005, and caused a 7.4 percent increase in the nation’s foreclosure rate, with one new foreclosure for every 1,726 households.
RealtyTrac’s June report also includes previously unreported foreclosure data in Philadelphia and 73 other counties, although the new data is not used for the month-to-month comparisons. The new data showed 30 additional foreclosure properties in Philadelphia, but did not change the ranking of the city’s foreclosure rate in comparison to the top-five metropolitan areas. Nationwide, the new data included 8,417 properties entering foreclosure in June, bringing the nationwide total to 75,441.
The RealtyTrac Monthly U.S. Foreclosure Market Report provides a graphical map that illustrates foreclosure percentiles by state (appended to this press release or available by request), as well as the total number of homes in some stage of foreclosure nationwide and by state over the preceding month. Data is also available at the individual county level. RealtyTrac’s report includes properties in all three phases of foreclosure: Pre-foreclosures — Notice of Default (NOD) and Lis Pendens (LIS); Foreclosures — Notice of Trustee Sale and Notice of Foreclosure Sale (NTS and NFS); and Real Estate Owned, or REO properties (that have been repurchased by a bank).
Below are foreclosure market statistics nationwide and by state:
|District of Columbia 6/2005||0||4||0||0||28||32||29.41|
|New Hampshire 6/2005||0||7||0||0||6||13||9.80|
|New Jersey 6/2005||1699||1400||0||0||97||3196||89.22|
|New Mexico 6/2005||270||24||0||0||76||370||64.71|
|New York 6/2005||0||0||622||2223||69||2914||51.96|
|North Carolina 6/2005||19||207||0||0||1233||1459||56.86|
|North Dakota 6/2005||0||2||0||0||17||19||12.75|
|Rhode Island 6/2005||1||5||0||0||0||6||5.88|
|South Carolina 6/2005||55||73||0||0||532||660||51.96|
|South Dakota 6/2005||0||2||0||0||2||4||5.88|
|West Virginia 6/2005||0||41||0||0||21||62||15.69|
About RealtyTrac Inc.
Ranked as the fourth-largest real estate site by Nielsen Net Ratings, RealtyTrac Inc. (www.realtytrac.com) is the leading online marketplace for foreclosure properties, providing all the resources that home seekers, investors and real estate agents need to locate, evaluate and buy properties below market value. Founded in 1996, RealtyTrac publishes the largest and most comprehensive national database of pre-foreclosure, foreclosure and For Sale By Owner properties, with more than 550,000 properties across the country, property reports, productivity tools and extensive professional resources. RealtyTrac hosts close to two million unique visitors monthly and is the exclusive foreclosure data supplier to AOL, MSN House & Home, Yahoo! Real Estate and HomeGain. For more information, visit www.realtytrac.com.
Atomic Public Relations